Neo Space Group (NSG), a Public Investment Fund-owned company described as Saudi Arabia's leading commercial space services provider, has announced that it has entered into a definitive agreement with space company Airbus Defence and Space, to acquire its UP42 business, a next-generation earth observation digital platform.
UP42, launched by Airbus in 2019, is a pioneer in streamlining access to, and deriving insights from, geospatial data via a cloud-based platform. It is expected to be part of NSG's growing geospatial division, building on the acquisition earlier this year of Taqnia ETS, a prominent provider of geospatial services and solutions in Saudi Arabia.
UP42's earth observation digital platform provides customers access to data and analytics from more than 80 of the world's leading geospatial companies, making it easy to source and manage diverse data from multiple providers through one seamless interface.
Customers of UP42 can leverage the UP42 platform to solve real-world geospatial challenges and deliver value to their own end customers across a range of market verticals, including agriculture, urban planning, real estate, infrastructure monitoring and disaster management.
The announcement, says NSG, further reinforces the strategic role it will play in providing EO services, after the Communications, Space, and Technology Commission (CST) of Saudi Arabia announced in July this year that NSG had won the permit to provide the Earth Observation (EO) Platform Service in Saudi Arabia.
Sean Wiid, Chief Executive Officer of UP42, says: "Our continued international business growth will support the ambition to make NSG a global leader in geospatial innovation. At the same time, we will play a key role in developing a robust Earth observation ecosystem within Saudi Arabia for the benefit of the government, agriculture, energy, travel, and tourism sectors."
The acquisition is subject to customary closing conditions, including required regulatory clearances.
